CORPORATIONS: Pygmy Among Giants

One of the surprises of the recession
was the steel industry's ability to operate at less than half capacity
and still turn a profit. The chief reason for steel's sturdiness was a
widespread modernization program, which cut industry costs and made
production more efficient. Few firms benefited more handsomely from
that policy than the nation's 17th-largest steel producer, a perky
little maverick named Granite City Steel Co., located in Illinois just
across the Mississippi River from St. Louis. While the industry is back
to about 75% of capacity, Granite City Steel this...